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The plant – which Welspun is
billing as India’s biggest PV project to date – is due to be commissioned in
May 2014.

Welspun secured long-term
project funding of 8.85bn rupees ($161m) to build the plant, via a consortium
led by Central Bank of India.

The developer won the project
in a reverse auction run by the state last year, when it was the second-lowest
bidder with a tariff of 8.05 rupees ($0.146) rupees per kWh.

Work has already started at the site in Mandsaur
district.

Vineet
Mittal, managing director of Welspun Energy said: “The closure of the financial agreements
indicates the confidence that financial partners’ have in our execution
capabilities and expertise to complete the project in time.

“Through our innovative engineering
capacilities, we have consistently demonstrated that solar tariff can be
brought to grid parity in a span of two years.”

Welspun, one of India’s most ambitious developers, hopes to commission
1.75GW of wind and solar capacity over the next three years or so.